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12. How much must you deposit today, in an account which earns 3.5% annually, if you want to have $86,000 nine years from now? a.

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12. How much must you deposit today, in an account which earns 3.5% annually, if you want to have $86,000 nine years from now? a. Excel command ____________ b. answer ____________ 13. Suppose you settle on a retirement goal of $767,400 which you would like to have 47 years from now. How much do you need to invest per month in an account which grows at an annual rate 6.8% in order to meet your goal? a. Excel command ____________ b. answer ____________ c. How much money will you have deposited into this account over the 47 years? ____________ d. How much interest will you have earned in this account over the 47 years? ____________ 14. Suppose you deposit $8,700 in an account which pays interest compounded quarterly. What interest rate would need to earn for your balance to reach $9,715 in one-and-one-half years? a. Excel command ____________ b. answer ____________ 15. Suppose you have decided to purchase an automobile. You analyze your personal budget and decide you can afford monthly payments of $282 for seven years. If your loan carries an annual interest rate of 8.48%, what the highest priced car you can afford? a. Excel command ____________ b. answer ____________

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Suppose you have an outstanding balance in your credit card account of $211.85 at the beginning of the month. During the month, you make the following transactions: Day Amount Type Day Amount Type $36.50 Purchase 20 $45.65 Purchase 3 $1 1.03 Return 20 $89.10 Purchase $91.34 Purchase 23 $99.21 Payment $91.08 Purchase 24 $77.09 Payment 10 $15.56 Purchase 24 $7.78 Purchase 14 $28.92 Purchase 25 $88.45 Purchase 14 $87.73 Return 29 $82.79 Return 16 $464.28 Payment 30 $42.92 Purchase Assume the month has 30 days. Use an interest rate of 1.85% per month. Use a Microsoft Excel spreadsheet to a. find the day during the month when your end-of-day balance was the least. 1. day 2. balance b. find the day during the month when your end-of-day balance was the greatest. 1. day 2. balance c. calculate the balance on your account at the end of the month before the bank adds interest. d. calculate the total dollar amount of all the purchases you placed on your account during the month. e. calculate the total dollar amount of all the payments you placed on your account during the month. f. calculate the total dollar amount of all the returns you placed on your account during the month. g. calculate the total dollar amount of the thirty end-of-day balances on your account for the month. h. calculate the net change to your balance over the course of the month. i. calculate the average daily balance on your account for the month. j. calculate the interest the bank will charge on your account for the month. k. calculate the new balance on your account at the end of the month

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